Debt-ridden crisis cannot be solved by IMF approach, their disbursement but a smaller amount: JVP (VIDEO)
The solution to the debt-ridden crisis suffered by Sri Lanka is not the obtainment of another debt from the International Monetary Fund (IMF) in the event that their due disbursement is but a smaller amount compared to the national requirement, said Chief Secretary of the Janatha Vimukthi Peramuna (JVP) Tilvin Silva, addressing a rally organised by the National People’s Power (NPP) yesterday (19).
“The government led by Ranil Wickremesinghe and the Rajapaksas has now kept its faith on the International Monetary Fund. They are going to save us from this crisis by obtaining a debt from the International Monetary Fund. The crisis of our country is the debt. So, can a debt-borne crisis be solved by another debt? I ask only one question. If the crisis is the debt, can the answer be also a debt? The answer cannot be another debt,” Silva said.
The JVP Chief Secretary went on: “Now, a debt is being sought from the International Monetary Fund. They suggested a debt for Sri Lanka, but not yet approved; only suggested a debt of US $ 2.9 billion. It should be approved by the General Assembly, for a period of four years, with eight instalments. So, for a year, an allocation of US $ 725 million. Six months, it would be about US $ 360 million. We require about US $ 400 million for the monthly importation of fuel alone. Will the country be saved? Such an amount cannot save it. This is a very small amount. Nor will you receive cash at hand. Therefore, this cannot be saved by reaching the IMF. This is a matter of about US $ 10 – 15 billion.”